20 AAC 15.094. Loan deferment and forbearance

(a) A borrower may defer payments of principal after the beginning of the repayment period in accordance with the conditions set out in 20 U.S.C. 1078 and 34 C.F.R. 682.210.

(b) Deferment eligibility is based on the deferment eligibility established with the borrower's eligible loans.

(c) In order to receive a deferment the borrower must submit a request for the deferment to the commission with documentation required by 34 C.F.R. 682.210(c)-(s).

(d) Interest accrues and must be paid by the borrower during the deferment period and the post-deferment grace period, if applicable, unless the borrower qualifies for interest benefits as described in 34 C.F.R. 682.301.

(e) The commission staff may grant a forbearance of payments of principal or interest in accordance with the conditions set out in 34 C.F.R. 682.211 to provide temporary or long-term repayment relief.

(f) Interest accrues during the period of an approved period of forbearance on a loan, and will be capitalized as part of the loan principal at the end of the forbearance period.

History: Eff. 4/2/2004, Register 169

Authority: AS 14.43.030

AS 14.43.167

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